Pitches for digitization projects at VIENNA Insurance Group: around EUR 1 million to be invested in five projects

Vienna Insurance Group (VIG) has recently invited its roughly 50 Group companies to submit pitches for digitization projects. Five proposals were selected and will receive funding of about EUR 1 million in total. A second round of pitches will follow in autumn 2018.

"VIG Xelerate" promotes digital transformation initiatives

Digitization is a major element of VIG's "Agenda 2020" management programme for ensuring the Group's future viability. At the start of 2018, VIG's Group companies were invited to submit digitization and innovation projects as a part of the "VIG Xelerate". The main criteria for the award of funding were the proposal's degree of innovation in the local market and its relevance for application at other Group companies.

"The digital transformation is one of our key tasks when it comes to maintaining our position as a leader in the Austrian and CEE insurance industry. Our 'VIG Xelerate' initiative is designed to support those Group companies which propose and implement innovative and tangible measures in this respect. We provide financial backing if there is a clear benefit for the Group and the relevant market, and if implementation will lead to a significant improvement in performance indicators such as premium volume, costs, market share or earnings," explained VIG CEO Elisabeth STADLER, who also chaired the "VIG Xelerate" panel of judges.

The winning projects from the first round of pitches were awarded to Group companies from Georgia, Macedonia, Poland, Romania and Bulgaria, reflecting the Group's diverse character. "Our local companies are pioneers with their ideas and bring innovation to the respective markets. This is an important consideration when awarding the investment budgets," Stadler added.

Variety of digital ideas

One of the selected projects aims to identify new digital opportunities in order to make use of new sales channels and to optimize customer service by providing a range of online services. This means that all processes - from initial contact with the customer to claims management - will be largely automated.

Two projects are focused on digital service benefits for customers. One example includes the usage of an award-winning app in health insurance that will be extended to other segments. In turn, there are also plans to introduce an app for reporting vehicle damage, equipped with online claims management.

Turning insurance advice into a positive experience for customers is the focus of a new advisory tool. This enables advisers to gain a clear insight into customer requirements and design an insurance portfolio together with the customer, effectively and in real time, using a relaxed and contemporary approach. Personalized premiums and price determination - in line with customer needs and in real time

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

EUROHOLD increases share capital by BGN 80 million

Bulgaria-based Eurohold plans to increase its share capital by BGN 80 million through preferred shares, the new total reaching BGN 277 million. The capital growth will help the company to reduce its debt and support expansion plans.


Sava Re's FY2018 net profit rises 38% y-o-y

The Sava Re Group ended 2018 with a net profit of EUR 43 million, delivering a 13.1% return on equity. In 2018, the Group's equity grew by 7.6% to EUR 340.2 million as of December 31, 2018. The Group's net technical provisions stood at EUR 1.1 billion.


GENERALI Group results for year 2018

In 2018, GENERALI Group operating result reached EUR 4,857 million (+3.0%), with a net profit of EUR 2,309 mil. (+9.4%). The total gross written premiums (GWP) of the Group amounted EUR 66,691 mil. (+4.9%).


MetLife announced leadership changes as part of CEO transition

MetLife announced a series of changes to its senior leadership ranks in connection with its CEO transition, all of which are effective May 1, 2019. In January 2019, the BoD announced that Michel KHALAF, President, U.S. Business and EMEA, will become MetLife's President, CEO and Member of the Board effective May 1, replacing Steven KANDARIAN, who is retiring.



Bulgaria: Boiko ATANASSOV appointed as FSC's head

The Parliament of the Republic of Bulgaria appointed Boiko ATANASSOV as Chairperson of the Financial Supervision Commission (FSC) on March 15, with 134 votes in favour, none opposed or abstained.



Climate and cyber: two Cs with catastrophic potential and the insurance business - under debate in Vienna, on April 9

10 years after its inception, the Romanian mandatory dwelling insurance system has progressed and PAID, the pool underwriting and managing the mandatory policies is a strong and financially sound institution. "We are currently managing a reinsurance program worth EUR 920 million, with a pool of excellent reinsurers, more than half of them rated AA+, while the company's solvency rate is of 220%," recently stated Nicoleta RADU, CEO, PAID.


Conclusions: TBILISI - the first Georgian International Insurance Conference

The first Georgian International Insurance Conference took place on 14 March 2019. The event put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system was the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.


See all